Two Supply Walls Block A 50% Onyxcoin Price Rally — Can Whales Break Through?
Onyxcoin's price rally is currently blocked by two major supply walls despite underlying bullish signals like hidden divergence and whale accumulation.Summary
Onyxcoin (XCN) is trading near $0.0069, having fallen nearly 50% from its January peak. The attempted rebound is stalled by two significant supply walls based on cost-basis data. The first wall is at $0.0079, where many holders accumulated and are now selling to break even, despite a hidden bullish RSI divergence suggesting weakening selling pressure.
On-chain data shows that large whale wallets and retail holders have been accumulating XCN since late January, offsetting mild profit-taking indicated by recent exchange inflows. This accumulation balance is currently keeping the price above the $0.0063 support level.
However, clearing the first wall is insufficient; a second, heavier supply wall exists around $0.0086, which aligns with chart resistance. If buyers absorb supply at both levels, XCN could rally toward $0.0104, representing a potential 50% gain. Invalidation of this recovery occurs if the $0.0063 support fails amid increased exchange inflows.
(Source：BeInCrypto)